InstinctBusiness CEO of the Week: Phillip Madinga, Chief Executive Officer, Standard Bank Malawi

In the competitive corridors of Malawi’s financial sector, Phillip Madinga stands out as a leader with an admixture of economic insight and national transformation. As Chief Executive Officer of Standard Bank Malawi Plc since January 2021, Madinga has earned a reputation as a visionary banker and development strategist committed to inclusive growth.

Madinga’s journey into leadership has been shaped by more than two decades of experience across the country’s most influential financial institutions. From his early days as a general manager at First Capital Bank Plc to executive roles at FDH Bank Plc and NBS Bank, where he headed Corporate & Investment Banking, Madinga has consistently championed innovation, customer-centricity, and long-term value creation.

At Standard Bank Malawi, Madinga has emerged as a bold advocate for digital financial inclusion. Under his leadership, the bank launched Unayo, an innovative platform that extends banking services to underserved communities, enabling everyday Malawians to save, transact, and thrive in a growing digital economy. But for Madinga, financial services must do more than just serve clients—they must uplift societies.

In terms of achievements, under his belt,Madinga led Standard Bank Malawi earn a profit after tax of K86.4 billion ($49.8 million) for the full year 2024, a 64.6% increase from K52.5 billion ($30.2 million) in 2023. For the first half of 2024, the bank recorded a profit after tax of K42.4 billion ($24.4 million, up 57% from the previous year.

His signature SEE Framework at the bank weaves sustainability into every strategic decision. Focused on seven pillars—ranging from job creation and education to climate resilience and health—this framework underscores his belief that banks should be engines of social impact as much as profitability. Standard Bank Malawi has contributed significantly to national causes, from providing aid during Cyclone Freddy to supporting healthcare upgrades and cholera response efforts.

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Madinga’s commitment to youth and women-led enterprise has taken shape through the award-winning PHUKA Incubator Hub. Through this initiative, the bank has supported budding agripreneurs, hosted Malawi’s first Agric-SME pitch night, and invested in the kind of innovation that empowers a new generation of economic leaders.

Beyond the bank, Madinga serves as Commissioner at the National Planning Commission of Malawi and sits on various corporate boards. As President of the Bankers Association of Malawi (BAM), he is an active voice in shaping national policy, advocating for infrastructure financing, and leading industry-wide discussions on economic recovery.

He has also positioned Standard Bank as a key partner in cross-border trade and investment, promoting Malawi’s economic interests through forums like the Malawi Investment Forum in South Africa and the Intra-Africa Trade Fair.

InstinctBusiness Magazine’s recognition celebrates top-performing executives globally, honouring exceptional leadership, innovation, and transformative impact across diverse industries.